Cullinan Associates Inc. Trims Holdings in NIKE, Inc. (NYSE:NKE)

Cullinan Associates Inc. lowered its stake in NIKE, Inc. (NYSE:NKE) by 30.2% in the 4th quarter, Holdings Channel reports. The firm owned 10,020 shares of the footwear maker’s stock after selling 4,335 shares during the quarter. Cullinan Associates Inc.’s holdings in NIKE were worth $758,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NKE. Range Financial Group LLC bought a new stake in NIKE during the fourth quarter valued at $642,000. Cacti Asset Management LLC bought a new stake in shares of NIKE during the 4th quarter valued at about $9,987,000. Capricorn Fund Managers Ltd purchased a new position in shares of NIKE during the fourth quarter worth about $5,384,000. FNY Investment Advisers LLC increased its position in shares of NIKE by 5,745.9% in the fourth quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker’s stock worth $654,000 after purchasing an additional 8,504 shares during the last quarter. Finally, Eagle Rock Investment Company LLC raised its stake in NIKE by 49.2% in the fourth quarter. Eagle Rock Investment Company LLC now owns 60,642 shares of the footwear maker’s stock valued at $4,589,000 after purchasing an additional 19,991 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analyst Upgrades and Downgrades

NKE has been the topic of a number of research analyst reports. TD Cowen decreased their price target on shares of NIKE from $78.00 to $73.00 and set a “hold” rating on the stock in a report on Monday, November 18th. Needham & Company LLC restated a “buy” rating and set a $84.00 price target on shares of NIKE in a research report on Friday, December 20th. Bank of America cut their price objective on NIKE from $95.00 to $90.00 and set a “buy” rating for the company in a report on Friday, December 20th. Morgan Stanley decreased their price objective on NIKE from $80.00 to $74.00 and set an “equal weight” rating on the stock in a report on Friday, December 20th. Finally, Evercore ISI reduced their price target on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Fourteen investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $89.77.

Insider Activity at NIKE

In other NIKE news, Director John W. Rogers, Jr. bought 2,500 shares of the firm’s stock in a transaction that occurred on Friday, December 27th. The shares were bought at an average price of $76.65 per share, with a total value of $191,625.00. Following the purchase, the director now owns 34,403 shares of the company’s stock, valued at $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

NIKE Stock Down 0.4 %

NKE stock opened at $76.61 on Tuesday. The business’s 50-day moving average is $75.60 and its two-hundred day moving average is $78.06. The company has a market cap of $113.32 billion, a price-to-earnings ratio of 23.65, a P/E/G ratio of 2.50 and a beta of 1.01. NIKE, Inc. has a fifty-two week low of $70.32 and a fifty-two week high of $107.43. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.15. The company had revenue of $12.35 billion during the quarter, compared to analyst estimates of $12.11 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.03 earnings per share. As a group, analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd were given a dividend of $0.40 per share. This is a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend was Monday, December 2nd. NIKE’s payout ratio is presently 49.38%.

About NIKE

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.